Callouts & quotes from 37,061+ activist slides

"Board and management is overtly satisfied with current performance and sees no need for change"

"Why should Verint add back acquisition-related sales which, per GAAP rules, it will never see?"

"Based on our analysis, we observe that R&D spend is down materially from $115m to $83m (-28%)."

"Our View That Heska Is A Distributor That Has Made Minimal Investment In Innovation And Growth"

"IDEXX's Catalyst One analyzer can perform 36% more tests than Heska's Element Series analyzer."

"Our Detailed Analysis to Date Has Indicated that Starboard’s Proposals Would Not Enhance Value"

"The ex-executive pointed to several factors that make it impossible to reverse price declines."

"The Board’s settlement offer fell woefully short of the boardroom change we believed necessary"

"Consolidated EBIT margins are currently at ~5%, well below peak levels of 14% reached in 2006."

"Savic had a 50/50 JV with (purportedly independent) CPI PG Chairman Edward Hughes' Lexxus a.s."

"The elimination of just these excess costs implies 26% to 55% of incremental shareholder value"

"We believe the Student Transportation of America model is an ideal structure for FirstGroup US"

"The #1 Robot Vacuum in China Finally Added! How Did Market Share Rise 4% with its Inclusion!?!"

"Price unjustified for repurposed, generic diazoxide – “disgusted” and unlikely to recommend it"

"I don't know how much success they're going to have with insurance covering these medications."

"We believe PepsiCo significantly overpaid for exposure to perhaps the riskiest emerging market"

"Tellingly, he stated that "drug companies remained essentially uninterested in this research.""

"As we note later, the Apple Watch sleep apnea monitor received FDA approval in September 2024."

"In our opinion, management has misrepresented an accurate picture of Adj. EBITDA to investors."

"We note, however, that this outperformance is erased when looking back over a longer timespan."

"I do not run any EKG's... I don't check lab work... I personally don't do additional lab work."

"The traditional multiple-of-earnings valuation methodology does not incorporate Platform Value"

"A common theme at Bolloré companies: Pay is opaque and not aligned with minority shareholders."

"As part of the Cresco IL portfolio, we discounted 2020 rent revenue by 48% due to overpayment."

"The licensing process was very shady, and involved multiple undisclosed conflicts of interest."

"The Trustpilot reviews are dominated by the usual 5-star “this-changed-my-life” fake postings."

"Lasertec “cannot deliver” on their backlog due to their lack of a functioning EUV light source"

"Solvay is an essential chemicals company that holds the #1 position across all of its markets."

"the quantitative models we employ are subject to the risk of oversimplification — Remitly 10-K"

"Completed deals + Seagen have the potential to contribute >$20.5B — Pfizer Public Presentation"

"“Medicine wasn't my strength, so I went into design.” — Heather Hasson (Hasson Inc. interview)"

"9/30/14: US District Court dismisses shareholder lawsuit seeking to enjoin the net worth sweep"

"I can't even begin to work out until I find the right news to infuriate me. — CartoonStock.com"

"“very strange format that’s not industry accepted” and “weird.” — Solid-state/dendrites expert"

"WANT TO REALLY MESS WITH THESE GUYS? LAY DOWN AND TAKE A NAP, — Strange Brew cartoon character"

"“We're transforming Alcoa and we are creating a compelling sustainable value.” — Dr. Kleinfeld"

"“There’s no validity to anything in the [Muddy Waters] report.” — John Lazar, Burford Director"

"“reinforces the attractiveness and compelling value of our turnkey service model” — Ajay Mehra"

"TaskUs co-founder Bryce Maddock provides helping hands for tech start-ups — LA Times, Jan 2017"

"9/30/14: US District Court dismisses shareholder lawsuit seeking to enjoin the net worth sweep"

"Announcement surprised us, but commitment to smooth transition is apparent — Barclays Research"

"「現在のところ、いつ終わるのか、またどのくらいの規模になるかは公表しておりません。公表できる段階になりましたらお話し申し上げたいと思っております。」 — 岡林 (Lasertec CEO)"

"9/30/14: US District Court dismisses shareholder lawsuit seeking to enjoin the net worth sweep"

"Below: From Fairfax Financial Holdings Annual Report 2020, P. 10. — Fairfax Financial Holdings"

""[n]o significant purchase price or significant gain on disposal." — Ströer 2015 Annual Report"

"Revealed: Global private hospital group embroiled in ‘cash for kidneys’ racket — The Telegraph"

"Norfolk Southern CEO more than doubled his pay last year after getting promoted — CNN Business"

"We Believe Archer Aviaiton, Inc (NASDAQ:ACHR) is a Lame Duck — Grizzly Research (Footnote 76)."

""If this is worth $4.9 million, the world is a much richer place than I thought." — Sean Regan"

"We find that the Partnership Flip is a convenient, non-arms-length conduit for overvaluation."

"Phillips 66’s CEO Mark Lashier and his management team have been richly rewarded for failure."

"The Company generated ~$40 billion in cumulative incremental free cash flow in 2021 and 2022."

"We believe the Company should seek to improve R&D and innovation to improve growth prospects."

"MISSED guidance by $9 billion... and expects further ~$4 billion reduction instead of growth!"

"We Believe FIGS Has Little Sustainable Competitive Advantage And Faces Increasing Competition"

"Problems are still occurring at Enviro-Smart according to a recently filed citizen complaint."

"Despite a large premium offer, the Allergan board’s response was hostile and anti-shareholder"

"Organic operating performance has begun to deteriorate led by Herbalife's most mature markets"

"According to MW’s report, this is overstating the actual revenue by more than 27 times and 40"

"Dividend Deficit Filled by circularity of payments from external parties back to shareholders"